CA INSTITUTE - Press Release - CA Day - 1st July, 2014. - (01-07-2014)

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                                                            Press Release

                                                                                                                 July 1, 2014

ICAI completed 65 years of professional excellence on July 1, 2014. The Chartered Accountants Day was celebrated all across the country by its 147 Branches & 5 Regional Councils by undertaking activities like Tree Plantations, Distribution of Literacy Kits, Blood Donation etc.

Hon'ble Union Minister of Finance, Defence & Corporate Affairs, Shri Arun Jaitely was the Chief Guest at the function organized at Vigyan Bhawan, New Delhi to commemorate the occasion. The function was attended by over 2000 professionals and stakeholders.

CA.K.Raghu, President , ICAI delivering the address said “ ICAI is committed to the growth agenda & vision of the new Government i.e. simplifying and rationalizing the tax regime in India. The Indian Accountancy Profession today, on the occasion of the 66th Chartered Accountants Day commits itself to continue to contribute to a vibrant Indian economy.”

He further added, “India is a happening economy and it is seen that the CAs are in great demand not only in the traditional sectors like banking, financial services or manufacturing but even in the new generation sectors like the IT, ITS, telecom, infrastructure and retail, there is a huge demand of CAs ”.

The ICAI President during his address also made the following suggestions to the Hon’ble Minister:

a) To switch to Accrual System of Accounting for Government departments : ICAI requested the Government to take a bold step to see that the accrual system of accounting is introduced in all the Government departments so that the Government will be able to understand what are the total assets that are being held by the govt., the entire liabilities etc .The Govt. will be able to map all this under the accrual system of accounting.

b) Companies Act: CA.K.Raghu stated that there are few concerns with regards to the Companies Act 2013. Lot of responsibilities are there on Independent Directors and Audit Committees. Adequate safeguards have to be built in the new Companies Act. The Ministry of Corporate Affairs has been extremely pro-active on this subject and ICAI has been in touch with the Ministry regularly. The MCA is looking into the concerns of ICAI

c) To make India an Investor Friendly Country: Today, there are a lot of provisions of the new Companies Act that are quite stringent. The cost of compliance in India is also very high for the new companies that are coming in. The fraud reporting provisions that have been brought into the new Companies Act have posed a lot of challenges to the companies that are coming into India. There needs to be a relook. This is something which we need to keep in mind. It is important that the corporates are having the ease of doing business in India . Today companies have many options, they can go to various countries. We need to create a right kind of environment in India . It is absolutely essential for us to see that India becomes an investor-friendly country.

d) Bank Branch Audit: ICAI as the audit regulator requested that all the bank branches in the country should be subjected to audit. Currently, a certain segment of branches are not subjected to audit and ICAI has made a representation to the Reserve Bank of India in this regard.

While addressing the audience Shri Arun Jaitely , Hon'ble Union Minister of Finance, Defence & Corporate Affairs, said “My admiration for the Institute in comparison to several other professional bodies was that this is one institute which has an intense and concentrated effort to make sure that the chartered accountants, who are practicing, who may be veteran in their field, their training and education continues as an ongoing phenomenon……… A Chartered Accountant is well equipped to be a regulator, a business manager”.

He added “There are two changes which can never be stopped. They can never be slowed down. One is technology and the other is economy. When most of you became chartered accountants, some of the businesses did not exist. Some of the accounting practices did not exist. Some of the avenues for professional activities did not exist. So, traditionally, you had concentrated on the traditional role of a chartered accountant which was a tax planner, someone who interacted with the Revenue Departments, who was involved in auditing. Suddenly, 1991 became an important defining moment for this country. It also became an important defining moment for you. The economy opened up. The economy expanded. With the expansion of the economy, new avenues were created. If there is one profession which is an integral part or almost co-existent and growing along with the growth of the economy, nobody else is more consistent with it than the profession of chartered accountants”.

He further said “I am willing to look at each one of those legislations on which ICAI has expressed its concerns because in the new Government we have the liberty of writing on a fresh slate. But, at the same time, it is a national opportunity for us to thoroughly debate all these areas. Even if tough and at times not so popular decisions come, we will have to realize that it is a case where the country has to be put back on the race”.

While delivering the vote of thanks, CA. Manoj Fadnis , Vice-President, ICAI said " On the occasion of CA Day makes us introspect as to what we have achieved so far, the manner in which we reached this path and the way forward." He further added, "The CA profession is always there to support Government in its initiatives and would always be a partner in Nation building."